HomeMy WebLinkAbout2020-08-18 Finance Committee Minutes
FINANCE COMMITTEE MINUTES
August 18, 2020
Councilors in Attendance: Hawes, Tremble, Davitt, Nichols. Supica, Fournier,
Sprague, Okafor
Staff in Attendance: Laurie, Cromwell, Higgins, Pelletier, Corriveau, Caruso
1. Consent Agenda
a. Resolve, Accept & Appropriate Stephen & Tabitha King Foundation Grant – Fire
Department – Power Load Lift System
b. Order, Accept Assistance to Firefighter Grant – Fire Department – Radio
Replacement
c. Resolve, Appropriate Assistance to Firefighter Grant – Fire Department – Radio
Replacement
d. Resolve, Ratifying the Actions of Staff to Apply and Accept and Execute MOU for
Edward Byrne Memorial Grant Funds – Police Department – Radio Replacement
Motion made and seconded to recommend consent agenda items to City Council for
adoption, motion passed unanimously.
2. Bids/Purchasing
a. Request to Waive Bid Process – Booster Pump – Fire Department - $12,050
Motion made and seconded to approve purchase from Industrial Protection Services,
motion passed unanimously.
b. Mt. Hope Cemetery Road – Public Works – Alan Dorr Earthworks - $29,140
Motion made and seconded to approve contract, motion passed unanimously.
3. Resolve, Ratifying Application and Acceptance of AIP 74, and Resolve,
Appropriating AIP 74
Staff reviewed the two Resolves. The Resolve to ratify the application and acceptance
will need to be adopted as an emergency order so that it will take effect immediately, as
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the documents must be submitted immediately following the Council Meeting of the 24.
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The second Resolve will be for first reading on August 24 and is to appropriate the
funding.
Motion was made and seconded to recommend adoption of both Resolves to the City
Council, motion passed unanimously.
4. Resolution of the Finance Committee Approving the Details of the 2020
General Obligation Refunding Bonds (Federally Taxable)
Staff review the bond sale that occurred earlier in the day in that the City offered $48.455
million in taxable bonds for sale. The initial offer was well received and allowed additional
adjustments to the proposed interest rates. Overall interest rates range from .343% - 2.546%.
Total savings achieved in the refinancing are $4,786,935 – of that amount $4,615,818 are
savings on the Arena bonds.
Motion was made and seconded to approve the details of the City’s $48,455,000 General
Obligation Refunding Bonds (federally taxable), motion passed unanimously.
Meeting adjourned at 5:34 pm